Vertical Analysis. The Lyons Corporation reported the following income statement data:
|
20X2
|
20X1
|
|
Net Sales
|
$400,000
|
$250,000
|
|
Cost of goods sold
|
$280,000
|
$160,000
|
|
Operating expenses
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$75,000
|
$56,000
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(a) Prepare a comparative income statement for 20X2 and 20X1 using vertical analysis, and evaluate the results.